Mortgage Employment or Job History Requirements for a VA Loan Approval in Kentucky
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Gaps in Employment
- A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment.
- VA: VA does not address gaps in employment and generally does not consider non military employment less than 12 months as stable and reliable. Any exceptions based on the loan as a whole is underwriter discretion.
Medical or Temporary Leave Income
- The borrower has taken a temporary leave of absence from work typically for medical leave such as maternity, illness, surgery, or on the job injury. This leave is short term in nature and the borrower is still employed with their same employer prior to the leave of absence.
- VA: Borrower’s on temporary leave are not eligible for a loan transaction.
Frequent Job Changes
- Frequent job changes may indicate instability in a borrower’s income.
- VA: the borrower must demonstrate the ability to maintain an income at a constant level over the recent 2-year period even if he or she has worked for a variety of employers.
Seasonal Employment
- Seasonal Employment refers to employment that is not year round typically due to weather conditions. Seasonal Employment can be full time or part time.
- VA: Borrower must have worked the same job (or same line of seasonal work) for the past 2 years and the borrower’s employer must state there is a reasonable expectation that the borrower will be rehired for the next season. Tax returns will be required if unemployment compensation will be used to qualify the borrower.
*Income calculation will follow calculation guidelines. These guidelines are for employment history and profile only.
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